With the number of services and accounts we need to keep track of it is increasingly difficult to keep on top of them, this is in turn creating glaring security issues that could lead to users being less safe than ever before. This is where password managers come in, they are a solution for the endless lists of login details that even the most technically challenged users can benefit from.
Even Apple knows this, with the release of their latest iOS (iPhone software) they have brought password managers to the forefront by enabling it by default with their new all-in-one app. Source: How to use Apple’s New All-In-One Password Manager. This update will help average users who don’t know what a password manager is to start to organise their online footprint by removing some of the more technical aspects of the setup.
But what if you are not on iOS? or want a solution that is platform-independent? Luckily there are plenty of alternatives that have been around for years and can be set up just as easily!
In this post we are going to look at password managers and why you should be using them, for not only your personal online life but also for your business profiles.
What is a Password Manager?
A password manager is a software application designed to store and manage your online credentials securely. It encrypts your passwords and other essential information, making it accessible only to you. With a password manager, you only need to remember one master password to access all your other passwords.
This ability means that you as the user only need to remember your main master password or login details but each app or service you use can have its own independent password that can be much more complex as you no longer need to remember it!
Why is this so important? Many users will opt for using the same password across a large number of websites to make it easier to remember, after all it’s one password! The issue with this is when (not if!) one service is compromised it means that all of the accounts that use the same logins are also compromised. This could mean you are shut out of hundreds of websites as attackers log in to your accounts while you attempt to lock them down again, whereas using a unique password for each service means that when one is compromised only that service is affected.
Want a scare? check out https://haveibeenpwned.com/ it will show you a list of services that have been breached connected to your email, it makes for a scary reminder that it is a case of when not if your accounts will be compromised.
Why Use a Password Manager?
1. Enhanced Security
Strong, Unique Passwords: Password managers generate complex passwords that are difficult to crack. These passwords are unique for each account, reducing the risk of multiple accounts being compromised if one password is leaked.
Encryption: Password managers use advanced encryption methods to protect your data, ensuring that even if the database is breached, your passwords remain secure.
2. Time Efficiency
Autofill Functionality: With a password manager, you no longer need to remember and type out passwords manually. The autofill feature saves time and reduces the hassle of continually resetting forgotten passwords.
Password Sharing: For teams, password managers can securely share access to accounts without revealing the actual passwords. This is particularly useful for business owners who need to grant access to employees.
3. Centralized Management
All Passwords in one place: A password manager stores all your passwords in one secure location, making it easier to manage and update them.
Security Audits: Many password managers offer security audit features, alerting you to weak or reused passwords and providing tips for improving your overall security posture.
Benefits for Small Business Owners
1. Data Protection
Small businesses are often prime targets for cybercriminals due to perceived vulnerabilities. A password manager significantly reduces the risk of unauthorized access, protecting sensitive business data and customer information.
2. Compliance
Many industries have specific regulations for data protection. Using a password manager can help ensure your business complies with these standards, avoiding potential fines and reputational damage.
3. Employee Efficiency
Streamlined access to necessary tools and accounts can boost employee productivity. Password managers reduce downtime caused by password-related issues, allowing your team to focus on more critical tasks.
4. Cost Savings
While there may be an initial investment in a password manager, the cost/time invested is minimal compared to the potential losses from a data breach. Protecting your business with a password manager is a cost-effective way to safeguard your assets.
Popular Password Managers
The list of current password managers can change regularly as new entities enter the market, the best password managers of 2024 has a list of the most popular ones this year so far. Its important that you do your research to find the one that suits your needs and offers the features most important to you. For example, look at the cost (some are free or have free tiers with limited features) as well as the feature sets are suitable for your needs.
Bitwarden
Our top suggestion, while a little more technical than some, is Bitwarden:
“Bitwarden’s free tier alone should cater to most users’ needs. Unless you’re a serious power user who requires some very advanced features, it is more than capable of storing all your passwords securely across all your devices – all without paying a penny.” Source
Its use of a master password to unlock your account means that you only need to remember one password but all of your online accounts can have unique and complex ones to keep them safe, Bitwarden even has a powerful password generator built in! They also have mobile apps so you can access your passwords on the go with ease.
Apples new app
If you use an iPhone then Apple’s built-in new app is there and set up already! Just make sure that its suitable for all of your use cases, for example, password sharing between users in a business.
Chrome account
If you use Chrome as your browser (which is most of us at 65% of the market!) you may already be using one as Chrome will offer to remember your passwords for you, combine this with a Google account and these passwords can then sync between devices giving you a password manager built into your browser! Even better you can use the Chrome mobile app as a browser to give you full access to these as well.
The downside is the service is highly integrated with the browser to access your passwords for mobile app use for example may not be as seamless as a stand-alone service. It also requires the use of Chrome, whereas independent apps give you close integration with a range of apps and browsers.
Conclusion
As online security threats continue to increase, using a password manager is an essential step in protecting your personal and business data. With enhanced security, time efficiency, centralised management, and other benefits, it is clear why password managers are becoming increasingly popular among individuals and businesses alike. Whether you choose a platform-specific or independent password manager, the peace of mind and added protection they offer make them well worth the investment. So why not start using one today
